Ukraine will pay out 450 million of dollars to the International Monetary Fund (IMF) upon the stand by program dated 2014 on August 3. The Deputy of the Head of the National Bank of Ukraine Oleg Chury claimed this as Ukrainian News reported.
‘The payment of 450 million of dollars will take place today. Now, the documenting takes place’, he said.
The loan program in the amount of 17.01 billion of dollars was approved by the IMF in the end of April 2014 and the first stand by tranche in the sum of 3.19 billion was allocated in the beginning of May.
The Executive Board of the IMF approved the allocation of 17.5 billion of dollars upon the four-year long EFF program instead of stand by program in March 2015.
The stand by program was replaced by the Extended Fund Facility due to the fact of the longer necessity of the balance of payments of Ukraine.
Ukraine received the first tranche in the sum of five billion of dollars upon this program in March 2015, the second in the sum of 1.7 billion of dollars in August 2015, the third in the sum of 1 billion of dollars in September 2015 and the fourth in the sum of 1 billion of dollars in April 2017. Ukraine expects to receive two more tranches from the IMF until the end of 2017.